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Quadriserv

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Quadriserv was a US-based electronic trading platform that helped clients lend and borrow stock for settlement of short sales and other purposes. It was headquartered in New York and was the holding company for its subsidiary, Automated Equity Finance Markets (AQS).

In August 2016, AQS was acquired by Equilend.

QS Holdco sued Equilend and other prime brokers arguing they colluded to drive out AQS. In August 2019, the case was dismissed on the basis that Equilend, in the acquisition, had acquired all rights to take legal action on behalf of AQS. QS Holdco's attempt to amend the complaint was denied, in full, in August 2020.

History

Quadriserv was founded in September 2001. Joseph Weinhoffer was the company's co-founder and served as its CEO between 2007 and 2009.

Quadriserv's wholly owned subsidiary Automated Equity Finance Markets, Inc. operates what it regards as the world's largest central counterparty based lending market.

In 2009, it entered into an alliance with Direct Edge. In 2010, it integrated AQS with SunGard's Loanet Smart Loan.

Management

Joseph Weinhoffer is the company's co-founder and was its CEO in 2007. Tom Perna was the company's CEO in 2009, and Bruce C. Turner, a former Nasdaq and CIBC World Markets trading executive, was the company's president and COO in 2011.

References

  1. ^ Smith, Randall (November 23, 2011). "Groupon Shares Backpedal". The Wall Street Journal. Retrieved April 22, 2014.
  2. ^ "The Legends; Joe Weinhoffer". Global Custodian. March 17, 2013. Retrieved April 22, 2014.
  3. "Equilend Acquires AQS To Facilitate OCC CCP Connectivity For Securities Finance Market". Equilend. August 1, 2016.
  4. "Judge dismisses QS Holdco lawsuit against prime brokers based on claim ownership". Finadium. August 8, 2019.
  5. Schwartz, Robert A.; Byrne, John Aidan & Schnee, Gretchen (2012). Rethinking Regulatory Structure. New York City: Springer New York. ISBN 978-1-46144-373-5. Retrieved April 22, 2014.
  6. "Securities Act of 1934 Release No. 34-59294". SEC Docket. 95 (2). Washington, DC: United States Securities and Exchange Commission: 129. August 24, 2009. Retrieved April 22, 2014.
  7. "Quadriserv Offers HFs Direct Access to AQS". Institutional Investor. March 18, 2010. Retrieved April 22, 2014.
  8. "Direct Edge Inks Stock Lending Deal". Institutional Investor. July 16, 2009. Retrieved April 22, 2014.
  9. "SunGard Extends Loanet Integration With Quadriserv's AQS". Wall Street & Tech. October 6, 2010. Retrieved April 22, 2014.
  10. "Quadriserv expands relationship with SunGard to support securities lending initiatives". Automated Trader. May 8, 2013. Retrieved April 22, 2014.
  11. Alpha. 2007. Retrieved April 22, 2014.
  12. Security Dealers of North America. New York City: Standard & Poor. 2010. Retrieved April 22, 2014.
  13. Bresiger, Gregory. "Boosting Securities Lending at Quadriserv". Traders Magazine. Retrieved April 22, 2014.
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